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GBPUSD pulled back from 1.6088

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 2, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.6105 previous high resistance, GBPUSD pulled back from 1.6088. However, the fall from 1.6088 is more likely minor consolidation of uptrend from 1.5649, one more rise to re-test 1.6105 key resistance is possible later today, a break above this level will indicate that the longer term uptrend from 1.5296 (Sep 7 low) has resumed, then another rise towards 1.6500 could be seen. Support is at 1.5961, below this level could bring price back to downward move and target would be at 1.5700-1.5800 area.


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